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HomeMy WebLinkAbout0952 , e,_.J as securiry fix the Note. to have a receiver appointed to enter upon and take possession of the Mortgage~d Property, cot- lect the rents and profits therefmm and apply the sanne as the court may direct. such receiver to have all the rights and powets pemiitted under the Iaws of Florida. ~ In either such case. Mortgagee or the receiver may also take possession of. and for thtse purposes use, any and all personal prnpeny which is a part of the Mortgaged Property and used by Mortgagor in the renta! or leasing thereof or any part ther~of. The expense (including receiver's fees. counsel foes, costs and agent's compensation) incumed pursu- ant to the powers herein contained shall be secured hereby. Mortgagee shall (after payment of all costs and expenses in- cu~d) apply such rents, issues and profits raeivod by it on the indebtedness securod hereby in such order as Mortgagee determines. The right to enter and take possession of the Mortgaged Propeny. to manage and operate the same. and to collect the rents, issues and profits thereof, whether by a receiver or otherwist. shall be cumulative to any other right or remedy hereunder or afforded by law. and may be exercised concumenily therewith or independently thereof. Mortga- gee shall be liable to account only for such rents. issues and profits actually ceceived by Mortgagee. 14. If the indebtedness secured hereby is now or hereafter further secured by chattel mongages, security inter- ests. financing statements, pledges, contracts of guaranty, assignments of leases. or other securities, or if the Mort- ; gaged Property hereby encumbered consists of more than one parcel of c~eal property. Mortgagee may at its option ex- ~ haust any one or moro of said socurities and security he~under, or such parcels of the security hereunder, either concur- rently or independently; and in such order as it may determine. 1 S. This Mortgage shall secu~+e not only eaisting indebtedness. but also such future advances. whether such advances are obligatory or to be made at the option of Mortgagee. or otherwise. as are made within twenty (20) years from the date hereof. to the same extent as if such future advances wer+e made on the date of the execution of this Mort- gage. but such secured indebtedness shall not exceed at any time the maximum principal amount of two times the amount of the Note, plus interrst thereon, and any disbursements m~e for the payment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, wfiether obligatory or to be made at the option of the Mortgagee, or otherwise, may be made either prior to or after the due date of the Note or any other notes secured by this Mortgage. This Mortgage is given for the specific purpose of securing any and all indebted- ness by the Mortgagor to Mortgagee (but in no event shall the secared indebtedness exceed at any time tlie maximum principal amount set forth in th~s paragraph) in whatever manner this indebtedness may be evidenced or repr,esented. until this Mortgage is satisfied of record. All covenants and agteements contained in this Mortgage shall be applicable to all further advances made by Mortgagee to Mortgagor under this futuc+e advance clause. . 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate as a waiver thereof or preclude the eaercise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or conseni to subsequent defaults. No failure of Mortgagee to exer+cise any option herein given to accelerate maturity of the debt hereby secured. no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of foreclosure procceding by Mortgagee shall be taken or const~ued as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured by reason of any past. present or future default on the part of Mortgagor, and. in like manner, the procurement of in- surance or the payment of taxes or other liens or charges by Mortgagee shall not be taken or construed,a.s a waiver of its right to accelerate the maturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except any person expressly released in writing) for payment of any indebtedness secuied hereby or for performance of any obligation contained her~ein. and ~ without affectin the ri hts of Mort a ee with res ; 8 g g g pect to any security not expressly released in writing, Mortgagee ~ may, at any time and from time to time, either before or after the maturiry of said note, and without notice or consent: i ; (a) Relcase any person liable for payment of all or any part of the indebtedness or for performance of any ; obligation; . ~ i i ! (b) Make any agreement extending the time or otherwise altering the terms of payment of all or any part ~ of the indebtedness, or modifying or waiving any obligation, on subordinating, modifying or otherwise dealing with the ~ ~ lien or charge hereoF, E ~ E (c) Exercise or refrain from exercising or waive any right Mortgagee may have; ~ I { (d) Accept additional secutity of any kind; and s ~ E (e) Release or otherwise deal with any property, reat or personal. securing the indebtedness, including ; all or any part of the Mortgaged Property. ~ ~ I 8. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this m~nrtgage shall be superior to E the rights of the holder of any intervening lien or encumbrance. ~ ; 19. Mortgagor hereby waives all right of homestead exemption, if any. in the Mortgaged Property. ~ 20. In the event of condemnation proceedings of the Mortgaged Property. the award or compensation payable thereunder is hereby assigned to and shall be paid to Mortgagee_ Mortgagee shall be under no obligation to question the amount of any such award or compensation and may accept the same in the amount in which the same shall be paid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compensation so received shall. at the option of Mortgagee, either be applied to the prepayment of the Note and at the rate of interest provided ther~ein. regardless of the rate of interest payable on the award by the cot!demn- ing authority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mort- 8a8~ ~nY• 21. If Mortgagee, pursuant to a conswction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it will compiy with all of the terms. provisions and covenants of said construction loan agr+eement or loan commitment, will diligently conswct the improvements to be built pursuant to the terms thereof, all of the terms there- of which are incorporated herein by reference as though set forth fully herein and will permit no defaults to occur there- under and if a default shall occur thereunder, it shall constitute a default under this Moctgage and the Note. 22. At the option of Mortgagce. Mortgagor shall provide Mortgagee with periodic certified audited state- ments of the operations of and the financial condition of Mortgagor. ~c~p . 9~1K Y~?O PAGf: 952 . _ _ _ _ - ~,~~R:~ ~ :.F,~~~ ~ ~ _